Bitcoin Eyes $ 20,000 and a new all-time high …

Bitcoin’s steady rise throughout 2020 has taken a step further. It recently broke above $ 18,600 and bullish analysts predict that $ 20,000 and a new all-time high will be in its future. Unlike 2017, bitcoin and cryptocurrency are also this time winning converts among notable investors and Wall Street analysts.

Nigel Green, CEO of the $ 12 billion wealth advisory DeVere Group, noted last week at the Forbes’ Wealth Management Summit that many investors are now taking Bitcoin as a legitimate hedge against long-term inflation concerns, which came to the fore thanks to stimulus packages, “Green further noted on Wednesday. Bitcoin is even getting conversions among previous skeptics, including DoubleLine Capital CEO Jeffrey Gundlach who noted that” Bitcoin has made me an honest man. in 2020. “Ray Dalio, the hedge fund billionaire who expressed skepticism about crypto activity, also noted that “I might lose something on Bitcoin, so I’d like to be fair.” Finally, a report leaked by Wall Street giant Citibank revealed that a senior analyst thinks Bitcoin could potentially hit a high of $ 318,000 from December 2021, calling it “21st century gold”.

That said, not everyone has won over, as noted Bitcoin skeptic Jamie Dimon of JPMorgan

he said that while he is a “believer” in blockchain technology (JPMorgan now has its own token) and “properly supported and properly regulated” cryptocurrency, bitcoin is not his “cup of tea”.

It’s also worth noting that Ether just surpassed $ 500 for the first time since 2018. Although it remains more than 50% below its all-time high of $ 13,444, the second largest cryptocurrency is starting to pick up momentum after the hectic DeFi summer. Just like bitcoin, network analyzes are indicative of a healthy market , and hopes are growing that the long-awaited transition to a more scalable upgrade will begin soon.


That said, as bitcoin approaches these high prices, some analysts warn that a short-term bitcoin price correction may be just around the corner-with an analyst firm predicts that bitcoin could soon return to just $ 14,000.

However, the long-term bullish trend is driven not only by the increasing level of institutional adoption, but also by the near-term liquidity squeeze driven by the May 2020 halving of the reward of bitcoin mining. Philip Gradwell from Chainalysis observes, This growth in demand is meeting a shrinking supply as fewer and fewer bitcoin holders are willing to sell, with the supply of liquid bitcoin and available for purchase starting in mid-2017, before the previous bull run. “

Furthermore, many of the fundamentals and analysis of the bitcoin network remain strong, supporting the belief that this bull run will be more sustainable than the last. Five key metrics to keep an eye on include foreign exchange balances / net foreign exchange flows, corporate Treasury balances, changes in Google search trends, active supply / dormancy of currencies, and perpetual forward funding rates.


The leading “privacy coin” zcash, which seeks to serve as a privacy-centric alternative to bitcoin (it also has an upper limit of 21 million units), has just undergone its first “halving”. Occurred at 7:37 am EST on Wednesday November 18th, zcash has successfully cut its mining rewards from ZEC 6.25 to ZEC 3.125 per block. Subsequently, annual inflation also fell from around 25% to around 12.5%.

This event could have a dramatic impact on the zcash price, as cryptocurrencies tend to perform well shortly after the event occurs. Measured from six months before the event to six months after, major assets with an event halved recorded an average gain of 78%. In addition to this development, a “wrapped” version of zcash is now available on Ethereum so people can leverage DeFi applications to earn returns on their holdings.


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The Chief Investment Officer says Bitcoin could replace gold to a large extent [CoinDesk]

How China’s money laundering crackdown is trapping OTC cryptocurrency trading [The Block]

Bitcoin now has a larger market capitalization than Mastercard [Decrypt]

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